The national vacancy rate held at its lowest point on record at 1 per cent for the fourth month in a row in June.Melbourne vacancy rate dropped 0.1 percentage point to 1.5 per cent in June.Renters face tough conditions as they have fewer homes to choose from at the same time rents hit record highs.
Vacancy rates remained steady in Brisbane, Perth, Adelaide and Darwin, while they increased in Hobart and Canberra. “We had a tight rental market when we had no overseas migration. They have returned and have placed additional demand,” Powell said.She said while Sydney’s vacancy rate remained low, it could be stabilising and perhaps at a turning point as it has not deteriorated unlike Melbourne.
Tenants’ Union of NSW chief executive Leo Patterson Ross said the vacancy rate would need to increase substantially to provide any choice and stable rents for tenants.
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